Time Inc. layoffs expected this week

1/28/13 10:02 AM EST

Time Inc. is set to begin a major round of layoffs this week and some staffers anticipate up to 700 employees may be let go, according to a report.

“Sources say the world’s largest magazine publisher is expected to begin a significant round of layoffs this week. I don’t have more details about the coming cuts,” All Things D’s Peter Kafka reported Sunday. “But the Time Inc. employees I’ve spoken to seem to put great stock in Keith Kelly's report from earlier this month, which predicted that up to 700 of the publisher’s 8,000 employees may go in this round.”